Arkansas Representative French Hill is expected to become the chair of the House Financial Services Committee in the upcoming 119th Congress. He won against Republican challengers Andy Barr, Frank Lucas, and Bill Huizenga.

Hill, who currently leads a digital asset subcommittee, announced his victory on December 12 and is set to officially take over from Chair Patrick McHenry on January 3, coinciding with the start of the new congressional session.

Senator Tim Scott is also anticipated to chair the banking committee, which is an important position for shaping digital asset and blockchain policy in Congress. Scott has shown support for pro-crypto legislation, suggesting a potential alignment with Hill's focus on digital assets. However, Hill's selection as chair still needs to be ratified by House Republicans in a full conference vote before it becomes official.